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題名 企業租稅策略與商業策略之關聯性
The Relation between Firms’ Tax Strategy and Business Strategy
作者 黃凱正
Huang, Kai-Jheng
貢獻者 何怡澄<br>郭振雄
Ho, Yi-Cheng<br>Kuo, Jenn-Shyong
黃凱正
Huang, Kai-Jheng
關鍵詞 商業策略
租稅策略
彷彿無相關模型
Business Strategy
Tax Strategy
Seemingly Unrelated Regression
日期 2024
上傳時間 5-八月-2024 14:46:46 (UTC+8)
摘要 本研究討論企業商業策略如何影響租稅策略選擇，以及商業策略與租稅策略對企業價值的影響。先前的文獻討論商業策略與租稅規避的關聯性 (Higgins et al. 2015)，然而，亦有文獻指出租稅規避會帶來更高的租稅風險，兩種租稅目標具有關聯性 (Dyreng et al. 2019)。因此，企業在商業策略上的差異如何影響企業在租稅規避及租稅波動性之間做出取捨，為本研究有意探討之議題。本研究以2000年至2020年之美國上市企業為研究樣本，使用彷彿無相關模型 (SUR) 對低租稅波動性與租稅規避兩種租稅策略同時進行估計，並處理兩種租稅策略的相關性。首先，本研究發現先驅者與穩健者在租稅策略選擇上具有差異，先驅者（穩健者）傾向選擇租稅規避（低租稅波動性）策略，且間接得知兩種租稅目標具有抵換關係，難以同時實現。第二，本研究選定租稅不確定狀況聲明書 (Schedule UTP) 實施及美國第九巡迴法院管轄作為外生事件，進行三重差分 (DDD) 分析，處理本研究潛在的內生性疑慮，結果並不違反主要測試之實證發現。
This study examines how corporate business strategies influence tax strategy choices and the impact of business strategies and tax strategies on firm value. Not only to estimate both tax volatility and tax avoidance simultaneously but to tackle the correlation between tax volatility and tax avoidance, this study estimates U.S. publicly listed firms from 2000 to 2020 by using seemingly unrelated regression (SUR) model. First, this study finds differences in tax strategy choices between prospector and defender that prospector (defender) tend to choose tax avoidance (low tax volatility) strategy. At the same time, the result indirectly shows a trade-off relation between these two tax objectives. Second, this study selects not only the implementation of Schedule UTP but the decision of the U.S. Ninth Circuit Court as exogenous events to conduct endogeneity tests, and implement difference-in-difference-in-difference method to tackle the potential exogenous issues. This study shows that tax outcomes actually altered by exogenous events, and the results conform to the expectations.
參考文獻 周賓凰，(2023)。計量經濟學：理論、觀念與應用（二版）。臺北市：雙葉書廊。 Allingham, M. G., & Sandmo, A. (1972). Income tax evasion: A theoretical analysis. Journal of public economics, 1(3-4), 323-338. Arieftiara, D., Utama, S., Wardhani, R., & Rahayu, N. (2019). Contingent fit between business strategies and environmental uncertainty: The impact on corporate tax avoidance in Indonesia. Meditari Accountancy Research, 28(1), 139-167. Armstrong, C. S., Blouin, J. L., & Larcker, D. F. (2012). The incentives for tax planning. Journal of accounting and economics, 53(1-2), 391-411. Austin, C. R., & Wilson, R. J. (2017). An examination of reputational costs and tax avoidance: Evidence from firms with valuable consumer brands. The Journal of the American Taxation Association, 39(1), 67-93. Ballas, A., & Demirakos, E. (2018). The valuation implications of strategy in R&D-intensive industries. Journal of Applied Accounting Research, 19(3), 365-382. Bentley, K. A., Omer, T. C., & Sharp, N. Y. (2013). Business strategy, financial reporting irregularities, and audit effort. Contemporary Accounting Research, 30(2), 780-817. Bird, R., & Davis-Nozemack, K. (2018). Tax avoidance as a sustainability problem. Journal of business ethics, 151, 1009-1025. Blaufus, K., Möhlmann, A., & Schwäbe, A. N. (2019). Stock price reactions to news about corporate tax avoidance and evasion. Journal of Economic Psychology, 72, 278-292. Brown, J. L., Lin, K., Moore, J. A., & Wellman, L. (2017). Tax policy uncertainty and stock return volatility. Available at SSRN 2348414. Dave, D., Corman, H., Kalil, A., Schwartz‐Soicher, O., & Reichman, N. E. (2021). Intergenerational effects of welfare reform: Adolescent delinquent and risky behaviors. Economic Inquiry, 59(1), 199-216. Dent, J. F. (1990). Strategy, organization and control: some possibilities for accounting research. Accounting, organizations and society, 15(1-2), 3-25. Desai, M. A., & Dharmapala, D. (2006). Corporate tax avoidance and high-powered incentives. Journal of Financial Economics, 79(1), 145-179. Desai, M. A., & Dharmapala, D. (2009). Corporate tax avoidance and firm value. The review of Economics and Statistics, 91(3), 537-546. Drake, K. D., Lusch, S. J., & Stekelberg, J. (2019). Does tax risk affect investor valuation of tax avoidance? Journal of Accounting, Auditing & Finance, 34(1), 151-176. Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2008). Long‐run corporate tax avoidance. The accounting review, 83(1), 61-82. Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2019). When does tax avoidance result in tax uncertainty? The accounting review, 94(2), 179-203. Dyreng, S. D., & Lindsey, B. P. (2009). Using financial accounting data to examine the effect of foreign operations located in tax havens and other countries on US multinational firms' tax rates. Journal of Accounting Research, 47(5), 1283-1316. Edwards, A., Schwab, C., & Shevlin, T. (2016). Financial constraints and cash tax savings. The accounting review, 91(3), 859-881. Ftouhi, K., Ayed, A., & Zemzem, A. (2015). Tax planning and firm value: evidence from European companies. International Journal Economics & Strategic Management of Business Process, 4(1), 73-78. Fuller, K. P., Wu, Q., & Yildiz, S. (2024). Corporate debt policy and tax uncertainty. Review of Quantitative Finance and Accounting, 62(1), 247-270. Gaertner, F. B. (2014). CEO after‐tax compensation incentives and corporate tax avoidance. Contemporary Accounting Research, 31(4), 1077-1102. Gallmeyer, M. F., Kaniel, R., & Tompaidis, S. (2006). Tax management strategies with multiple risky assets. Journal of Financial Economics, 80(2), 243-291. Graham, J. R., Hanlon, M., Shevlin, T., & Shroff, N. (2014). Incentives for tax planning and avoidance: Evidence from the field. The accounting review, 89(3), 991-1023. Graham, J. R., Hanlon, M., Shevlin, T., & Shroff, N. (2014). Incentives for tax planning and avoidance: Evidence from the field. The accounting review, 89(3), 991-1023. Guenther, D. A., Wilson, R. J., & Wu, K. (2019). Tax uncertainty and incremental tax avoidance. The accounting review, 94(2), 229-247. Gupta, S., Mills, L. F., & Towery, E. M. (2014). The effect of mandatory financial statement disclosures of tax uncertainty on tax reporting and collections: The case of FIN 48 and multistate tax avoidance. The Journal of the American Taxation Association, 36(2), 203-229. Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of accounting and economics, 50(2-3), 127-178. Hanlon, M., Maydew, E. L., & Saavedra, D. (2017). The taxman cometh: Does tax uncertainty affect corporate cash holdings? Review of Accounting Studies, 22, 1198-1228. Hanlon, M., & Slemrod, J. (2009). What does tax aggressiveness signal? Evidence from stock price reactions to news about tax shelter involvement. Journal of public economics, 93(1-2), 126-141. Hardeck, I., & Hertl, R. (2014). Consumer reactions to corporate tax strategies: Effects on corporate reputation and purchasing behavior. Journal of business ethics, 123, 309-326. Henry, E., Massel, N., & Towery, E. (2016). Increased tax disclosures and corporate tax avoidance. National Tax Journal, 69(4), 809-829. Higgins, D., Omer, T. C., & Phillips, J. D. (2015). The influence of a firm's business strategy on its tax aggressiveness. Contemporary Accounting Research, 32(2), 674-702. Hoi, C. K., Wu, Q., & Zhang, H. (2013). Is corporate social responsibility (CSR) associated with tax avoidance? Evidence from irresponsible CSR activities. The accounting review, 88(6), 2025-2059. Honaker, K., & Sharma, D. S. (2017). Does schedule UTP have uniform long-run effects on corporate tax planning? The Journal of the American Taxation Association, 39(2), 63-79. Huang, H. H., Lobo, G. J., Wang, C., & Xie, H. (2016). Customer concentration and corporate tax avoidance. Journal of Banking & Finance, 72, 184-200. Hutchens, M., Rego, S. O., & Williams, B. (2024). Tax avoidance and firm risk: New insights from a latent class mixture model. The accounting review, 99(1), 285-313. Jacob, M., Wentland, K., & Wentland, S. A. (2022). Real effects of tax uncertainty: Evidence from firm capital investments. Management Science, 68(6), 4065-4089. Khan, M., Srinivasan, S., & Tan, L. (2017). Institutional ownership and corporate tax avoidance: New evidence. The accounting review, 92(2), 101-122. Laplante, S. K., Skaife, H. A., Swenson, L. A., & Wangerin, D. D. (2019). Limits of tax regulation: Evidence from strategic R&D classification and the R&D tax credit. Journal of Accounting and Public Policy, 38(2), 89-105. Lee, Y., Shevlin, T., & Venkat, A. (2023). The effect of tax avoidance on capital structure choices. Journal of the American Taxation Association, 45(1), 91-115. Li, Q., Ma, M. S., & Shevlin, T. (2021). The effect of tax avoidance crackdown on corporate innovation. Journal of accounting and economics, 71(2-3), 101382. Lin, X., Liu, M., So, S., & Yuen, D. (2019). Corporate social responsibility, firm performance and tax risk. Managerial Auditing Journal, 34(9), 1101-1130. Lopo Martinez, A., & Ferreira, B. A. (2019). Business strategy and tax aggressiveness in Brazil. Journal of Strategy and Management, 12(4), 522-535. March, J. G. (1991). Exploration and exploitation in organizational learning. Organization science, 2(1), 71-87. McClure, C. G. (2023). How Costly is Tax Avoidance? Evidence from Structural Estimation. Accounting Review, 98(6). McGuire, S. T., Neuman, S. S., & Omer, T. C. (2013). Sustainable tax strategies and earnings persistence. Available at SSRN 1950378. McGuire, S. T., Omer, T. C., & Wang, D. (2012). Tax avoidance: Does tax-specific industry expertise make a difference? The accounting review, 87(3), 975-1003. Miles, R. E., Snow, C. C., Meyer, A. D., & Coleman Jr, H. J. (1978). Organizational strategy, structure, and process. Academy of management review, 3(3), 546-562. Minnick, K., & Noga, T. (2010). Do corporate governance characteristics influence tax management? Journal of corporate finance, 16(5), 703-718. Mocanu, M., Constantin, S.-B., & Răileanu, V. (2021). Determinants of tax avoidance–evidence on profit tax-paying companies in Romania. Economic Research-Ekonomska Istraživanja, 34(1), 2013-2033. Neuman, S. S. (2014). Effective tax strategies: It's not just minimization. Available at SSRN 2496994. Neuman, S. S. (2023). Examining tax strategy choice. Journal of the American Taxation Association, 45(1), 117-144. Neuman, S. S., Omer, T. C., & Shelley, M. K. (2013). Corporate transparency, sustainable tax strategies, and uncertain tax activities. Sustainable Tax Strategies, and Uncertain Tax Activities (March 20, 2013). Pedersen, E. R. G., Gwozdz, W., & Hvass, K. K. (2018). 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Tax strategy control: The case of transfer pricing tax risk management. Management Accounting Research, 24(2), 175-194. Saavedra, D. (2019). Is tax volatility priced by lenders in the syndicated loan market? European Accounting Review, 28(4), 767-789. Sadjiarto, A., Hartanto, S., & Octaviana, S. (2020). Analysis of the effect of business strategy and financial distress on tax avoidance. Journal of Economics and Business, 3(1). Scholes, M. S., Wolfson, M. A., Erickson, M., Maydew, E., & Shevlin, T. (2014). Taxes and business strategy. Prentice Hall Upper Saddle River, NJ. Seifzadeh, P. (2011). Business strategy and the synergistic combination of exploration and exploitation. University of Western Ontario Working Paper. Shevlin, T., Thornock, J., & Williams, B. (2017). An examination of firms’ responses to tax forgiveness. Review of Accounting Studies, 22, 577-607. Slemrod, J., & Yitzhaki, S. (2002). Tax avoidance, evasion, and administration. In Handbook of public economics (Vol. 3, pp. 1423-1470). Elsevier. Taylor, G., Richardson, G., & Al‐Hadi, A. (2018). Uncertain tax benefits, international tax risk, and audit specialization: Evidence from US multinational firms. International Journal of Auditing, 22(2), 230-248. Treacy, M., & Wiersema, F. (1995). How market leaders keep their edge. Fortune, 131(2), 52-57. Wilkinson, B. R., & Noga, T. J. (2011). Xilinx, Stock Option Pricing, and the Meaning of Arm's Length. The ATA Journal of Legal Tax Research, 9(1), 50-63. Zellner, A. (1962). An efficient method of estimating seemingly unrelated regressions and tests for aggregation bias. Journal of the American statistical Association, 57(298), 348-368.
描述 碩士
國立政治大學
財政學系
111255031
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111255031
資料類型 thesis
dc.contributor.advisor 何怡澄<br>郭振雄zh_TW
dc.contributor.advisor Ho, Yi-Cheng<br>Kuo, Jenn-Shyongen_US
dc.contributor.author (作者) 黃凱正zh_TW
dc.contributor.author (作者) Huang, Kai-Jhengen_US
dc.creator (作者) 黃凱正zh_TW
dc.creator (作者) Huang, Kai-Jhengen_US
dc.date (日期) 2024en_US
dc.date.accessioned 5-八月-2024 14:46:46 (UTC+8)-
dc.date.available 5-八月-2024 14:46:46 (UTC+8)-
dc.date.issued (上傳時間) 5-八月-2024 14:46:46 (UTC+8)-
dc.identifier (其他 識別碼) G0111255031en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152915-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財政學系zh_TW
dc.description (描述) 111255031zh_TW
dc.description.abstract (摘要) 本研究討論企業商業策略如何影響租稅策略選擇，以及商業策略與租稅策略對企業價值的影響。先前的文獻討論商業策略與租稅規避的關聯性 (Higgins et al. 2015)，然而，亦有文獻指出租稅規避會帶來更高的租稅風險，兩種租稅目標具有關聯性 (Dyreng et al. 2019)。因此，企業在商業策略上的差異如何影響企業在租稅規避及租稅波動性之間做出取捨，為本研究有意探討之議題。本研究以2000年至2020年之美國上市企業為研究樣本，使用彷彿無相關模型 (SUR) 對低租稅波動性與租稅規避兩種租稅策略同時進行估計，並處理兩種租稅策略的相關性。首先，本研究發現先驅者與穩健者在租稅策略選擇上具有差異，先驅者（穩健者）傾向選擇租稅規避（低租稅波動性）策略，且間接得知兩種租稅目標具有抵換關係，難以同時實現。第二，本研究選定租稅不確定狀況聲明書 (Schedule UTP) 實施及美國第九巡迴法院管轄作為外生事件，進行三重差分 (DDD) 分析，處理本研究潛在的內生性疑慮，結果並不違反主要測試之實證發現。zh_TW
dc.description.abstract (摘要) This study examines how corporate business strategies influence tax strategy choices and the impact of business strategies and tax strategies on firm value. Not only to estimate both tax volatility and tax avoidance simultaneously but to tackle the correlation between tax volatility and tax avoidance, this study estimates U.S. publicly listed firms from 2000 to 2020 by using seemingly unrelated regression (SUR) model. First, this study finds differences in tax strategy choices between prospector and defender that prospector (defender) tend to choose tax avoidance (low tax volatility) strategy. At the same time, the result indirectly shows a trade-off relation between these two tax objectives. Second, this study selects not only the implementation of Schedule UTP but the decision of the U.S. Ninth Circuit Court as exogenous events to conduct endogeneity tests, and implement difference-in-difference-in-difference method to tackle the potential exogenous issues. This study shows that tax outcomes actually altered by exogenous events, and the results conform to the expectations.en_US
dc.description.tableofcontents 第壹章 緒論 1 第一節 研究議題與動機 1 第二節 研究流程 3 第貳章 文獻探討與假說 5 第一節 租稅策略 6 第二節 商業策略 9 第三節 假說建立 11 第參章 研究方法 13 第一節 資料來源與樣本篩選 13 第二節 變數定義 14 第三節 彷彿無相關模型 (SUR) 19 第四節 實證模型 22 第肆章 實證結果 25 第一節 敘述性統計 25 第二節 主要測試 30 第三節 敏感性測試 32 第四節 內生性測試 34 第伍章 結論與限制 49 第一節 研究結論 49 第二節 研究限制與未來發展 50 參考文獻 51zh_TW
dc.format.extent 2949058 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111255031en_US
dc.subject (關鍵詞) 商業策略zh_TW
dc.subject (關鍵詞) 租稅策略zh_TW
dc.subject (關鍵詞) 彷彿無相關模型zh_TW
dc.subject (關鍵詞) Business Strategyen_US
dc.subject (關鍵詞) Tax Strategyen_US
dc.subject (關鍵詞) Seemingly Unrelated Regressionen_US
dc.title (題名) 企業租稅策略與商業策略之關聯性zh_TW
dc.title (題名) The Relation between Firms’ Tax Strategy and Business Strategyen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 周賓凰，(2023)。計量經濟學：理論、觀念與應用（二版）。臺北市：雙葉書廊。 Allingham, M. G., & Sandmo, A. (1972). Income tax evasion: A theoretical analysis. Journal of public economics, 1(3-4), 323-338. Arieftiara, D., Utama, S., Wardhani, R., & Rahayu, N. (2019). Contingent fit between business strategies and environmental uncertainty: The impact on corporate tax avoidance in Indonesia. Meditari Accountancy Research, 28(1), 139-167. Armstrong, C. S., Blouin, J. L., & Larcker, D. F. (2012). The incentives for tax planning. Journal of accounting and economics, 53(1-2), 391-411. Austin, C. R., & Wilson, R. J. (2017). An examination of reputational costs and tax avoidance: Evidence from firms with valuable consumer brands. The Journal of the American Taxation Association, 39(1), 67-93. Ballas, A., & Demirakos, E. (2018). The valuation implications of strategy in R&D-intensive industries. Journal of Applied Accounting Research, 19(3), 365-382. Bentley, K. A., Omer, T. C., & Sharp, N. Y. (2013). Business strategy, financial reporting irregularities, and audit effort. Contemporary Accounting Research, 30(2), 780-817. Bird, R., & Davis-Nozemack, K. (2018). Tax avoidance as a sustainability problem. Journal of business ethics, 151, 1009-1025. Blaufus, K., Möhlmann, A., & Schwäbe, A. N. (2019). Stock price reactions to news about corporate tax avoidance and evasion. Journal of Economic Psychology, 72, 278-292. Brown, J. L., Lin, K., Moore, J. A., & Wellman, L. (2017). Tax policy uncertainty and stock return volatility. Available at SSRN 2348414. Dave, D., Corman, H., Kalil, A., Schwartz‐Soicher, O., & Reichman, N. E. (2021). Intergenerational effects of welfare reform: Adolescent delinquent and risky behaviors. Economic Inquiry, 59(1), 199-216. Dent, J. F. (1990). Strategy, organization and control: some possibilities for accounting research. Accounting, organizations and society, 15(1-2), 3-25. Desai, M. A., & Dharmapala, D. (2006). Corporate tax avoidance and high-powered incentives. Journal of Financial Economics, 79(1), 145-179. Desai, M. A., & Dharmapala, D. (2009). Corporate tax avoidance and firm value. The review of Economics and Statistics, 91(3), 537-546. Drake, K. D., Lusch, S. J., & Stekelberg, J. (2019). Does tax risk affect investor valuation of tax avoidance? Journal of Accounting, Auditing & Finance, 34(1), 151-176. Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2008). Long‐run corporate tax avoidance. The accounting review, 83(1), 61-82. Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2019). When does tax avoidance result in tax uncertainty? The accounting review, 94(2), 179-203. Dyreng, S. D., & Lindsey, B. P. (2009). Using financial accounting data to examine the effect of foreign operations located in tax havens and other countries on US multinational firms' tax rates. Journal of Accounting Research, 47(5), 1283-1316. Edwards, A., Schwab, C., & Shevlin, T. (2016). Financial constraints and cash tax savings. The accounting review, 91(3), 859-881. Ftouhi, K., Ayed, A., & Zemzem, A. (2015). Tax planning and firm value: evidence from European companies. International Journal Economics & Strategic Management of Business Process, 4(1), 73-78. Fuller, K. P., Wu, Q., & Yildiz, S. (2024). Corporate debt policy and tax uncertainty. Review of Quantitative Finance and Accounting, 62(1), 247-270. Gaertner, F. B. (2014). CEO after‐tax compensation incentives and corporate tax avoidance. Contemporary Accounting Research, 31(4), 1077-1102. Gallmeyer, M. F., Kaniel, R., & Tompaidis, S. (2006). Tax management strategies with multiple risky assets. Journal of Financial Economics, 80(2), 243-291. Graham, J. R., Hanlon, M., Shevlin, T., & Shroff, N. (2014). Incentives for tax planning and avoidance: Evidence from the field. The accounting review, 89(3), 991-1023. Graham, J. R., Hanlon, M., Shevlin, T., & Shroff, N. (2014). 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